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Dollar Index Broke 80, Sustainability of Rally to be Tested in a Busy WeekDollar strengthened broadly last week on Eurozone debt crisis and Korean geopolitical tension and some important technical levels were broken. Firstly, dollar index has taken out 80 key resistance and it's accompanied by break of 1.3330 support in EUR/USD. The relatively resilient GBP/USD has also taken out 1.5649 support to confirm near term reversal. Even the strongest AUD/USD has completed a head and shoulder top reversal pattern. The greenback is possibly building up a medium term rally that would last for a few months. But it will need to get through tough tests of a number of events this week first. Also, another key focus will be on whether gold would fall back to below 1300 level to fuel more buying in the greenback. |    |
| Featured Technical Report | |
EUR/USD Weekly OutlookEUR/USD dropped to as low as 1.3200 last week and the strong break of 1.3330 support indicates that whole rebound from 1.1875 is already finished at 1.4281. Initial bias remains on the downside this week for 100% projection of 1.4281 to 1.3447 from 1.3785 at 1.2951. On the upside, above 1.3386 minor resistance will turn intraday bias neutral and bring consolidations. But break of 1.3784 resistance is needed to indicate that fall from 1.4281 is finished. Otherwise, outlook will stay bearish. |
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